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September, 2016

Record-breaking year for Ottawa resales

 Members of the Ottawa Real Estate Board sold 1,484 residential properties in August through the Multiple Listing Service® System, compared with 1,276 in August 2015, an increase of 16.3 per cent. The five-year average for August sales is 1265.

“To date, this is a record-breaking year for the number of units sold,” says Shane Silva, President of the Ottawa Real Estate Board. “The year started off a little sluggish, but as soon as April hit we were either breaking records or out-pacing the year before considerably. Not only are we up 16.3 per cent over last year, this has been the best August on record ever for OREB member, blowing the average for August sales out of the water. This is a-typical of August when units sold normally start to decline as we approach fall. Units listed in both residential and condominium classes continue to decline, as well as active listings at the end of the month,” says Silva. “These numbers suggest that buyers have less option when looking to purchase, with the potential of entering into a sellers’ market soon.”

August’s sales included 295 in the condominium class and 1,189 in the residential class.

“Average sale prices have been keeping steady all year,” says Silva. “This past month however, there were six more properties sold in the $1 million plus range over last year, a possible explanation for the bump in average sale prices for both residential properties and condos.” says Silva. “Prices have remained quite steady in comparison to last year, with the increased number of units sold nudging the total sales volume up for the year,”

The average sale price of a residential-class property sold in August in the Ottawa area was $389,786, an increase of 2.5per cent over August 2015. The average sale price for a condominium-class property was $272,166, an increase of 11.1 per cent over August 2015.

Type August Sales Vol. % Change Average Sale % Change
Condo apartment (1 level) 160 28.0% $294,159 10.6%
Condo townhome (2 storey) 107 1.9% $231,919 4.6%
Residential home (2 storey) 660 13.2% $412,539 1.3%
Residential home (bungalow) 331 36.2% $358,995 4.1%

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